Signs your business may benefit from a bookkeeper
If there are errors in your financial records and record keeping, reviewing the ongoing performance of the business can become difficult. Hiring a professional bookkeeper can reduce these errors meaning information produced is accurate and relevant to assist future decisions.
The number of financial transactions is likely to increase in line with turnover. Handling the processing of all transactions may become too large of a job meaning these are rushed or time is taken away from generating a further increase in turnover. Hiring a bookkeeper can take away some of the added pressure.
Along with the increase in turnover, becoming VAT registered also means an increase in financial transactions as well as compliance issues. A bookkeeper can help with understanding the VAT process, ensuring accurate calculation of VAT returns and meeting deadlines.
If your turnover has suddenly increased but the profit isn’t increasing in line, hiring a bookkeeper can help you to identify the reason for this and with experience and knowledge recommend ways to correct this matter.
If your business has grown enough that you are taking on new employees, the added time and pressure of training new staff members can have an adverse effect on record keeping. In order to keep on top of the additional paperwork needed to process wages and ensure the new wages cost is covered, hiring a bookkeeper can take some of the time off your hands meaning time available to better train employees who can then become a valuable asset to the business.
Personal cash injections
If you are using your own personal cash to cover business expenses it is important that it is recorded correctly as this can sometimes distort the accounts of a business. A bookkeeper can help to ensure accurate recording of these transactions.
Hiring a bookkeeper can be beneficial to your business as a whole; Moore and Smalley offer various packages which include bookkeeping services. We would be happy to discuss these with you at any given time.